IMF to review Pakistan budget August 22, 2010 THE International Monetary Fund (IMF) said it will review Pakistan’s budget and economic prospects following catastrophic flooding during talks with senior Pakistani government officials starting today. Pakistani finance minister Abdul Hafeez Shaikh and other senior Pakistani finance officials are traveling to Washington for the talks with the IMF, which will also be an opportunity to [...]
HSBC set to buy Nedbank in £3bn deal August 22, 2010 HSBC is poised to beat off competition from rival Standard Chartered to snap up a controlling stake in South African bank Nedbank this week for $4.4bn (£2.83bn). HSBC is understood to be on the verge of defeating emerging markets specialist Standard Chartered to acquire what may be the last big South African bank that regulators [...]
Gillard begins coalition talks after hung house August 22, 2010 AUSTRALIAN Prime Minister Julia Gillard last night began frantic negotiations with MPs who will decide whether her Labor party returns to power. The election looks almost certain to result in a hung parliament, with analysts claiming both Gillard and her conservative rival Tony Abbott have a chance to form a coalition. Gillard is most likely [...]
France offers tax breaks to woo UK banks August 22, 2010 THE government is facing calls to head off attempts by France and Germany to lure the world’s biggest investment banks away from London by offering them lucrative tax breaks. The British Bankers’ Association (BBA) urged ministers to delay launching new rules on pay, bonuses and banks’ capital holdings until other nations do the same. The [...]
Campbell’s eyes United Biscuits deal August 22, 2010 CAMPBELL’S, the American maker of tinned soup and pasta sauces, has emerged as a potential bidder for part of United Biscuits (UB), the manufacturer of Jaffa Cakes. Campbell’s has hired Centerview Partners to look at UB’s biscuits division, which includes the McVitie’s and Jacob’s brands and could be worth up to £1.5bn. The US food [...]
F&C to see fund levels fall August 22, 2010 TROUBLED F&C Asset Management will report a fall in client fund levels this week despite the acquisition of Thames River Capital, Numis Securities has predicted. F&C is forecast to say assets under management stood at £99.9bn at the end of June, down 1.6 per cent from April’s number but up 13 per cent year-on-year. The [...]
A third of Britons raid savings August 22, 2010 Nearly a third of UK adults have dipped into their savings in the last year to cover shortfalls in their income, according to a survey by investment firm Schroders. Savers have taken out an average of £4,600 each, totalling £60bn, as the record low in interest rates means fewer returns on prudence. People nearing retirement [...]
Dana to rebuff KNOC August 22, 2010 DANA Petroleum will this week try to shore up its position in the face of a £1.87bn hostile takeover bid by the Korean National Oil Corporation (KNOC), as it announces interim results and reveals more about its Canadian acquisition plans. Dana’s results on Friday are expected to give details of the £200m planned purchase of [...]
CITY MOVES | WHO’S SWITCHING JOBS August 22, 2010 Mayer Brown The law firm has appointed Dominic Griffiths as the new head of its banking and finance group in London. Griffiths joined the firm five years ago and has been instrumental in building its securitisation and leveraged finance groups in London. He takes over from Bruce Bloomingdale, who will now focus on increasing synergies [...]
Tough markets put the strain on Diageo August 22, 2010 ALCOHOLIC drinks giant Diageo will this week brace itself for an investor backlash over fears for its short term growth outlook. Diageo, the maker of Guinness and Smirnoff vodka, is widely expected to announced figures in line with its expectations, with pre-tax profit climbing from £2.02bn last year to around £2.3bn. But the group’s share [...]
